This home price hotspot is cooling after jumping $114k in a year, but there’s a catch

After years of rapid home price growth, Brisbane’s property market is cooling but experts believe the capital city will see slowing price growth rather than major value falls.Over the past year alone, Brisbane’s median home price has jumped a whopping $114,700 in July despite easing property market conditions.Transaction activity has been slowing in Brisbane compared to the break-neck speeds witnessed in recent years, and local agents say the next phase may be defined less by a dramatic price correction, and more by a prolonged battle over ‘who blinks first’.Australian home prices fell for the fourth straight month in July, driven by three cash rate hikes, federal budget reforms, housing affordability pressures and other factors.In the month of July, Brisbane's median home price dropped 0.3% to $1.06 million, following a 0.2% dip in June that ended the city’s 3.5-year growth streak.However, Brisbane home prices are still 11.1% higher than a year ago, and 78.6% higher than five years ago.Brisbane's median home price has jumped 11.1% during the past year. Picture: GettyAvi Khan, group chief executive at Ray White AKG, said the market was “nervous”, with buyers and sellers largely rem...